Saudi Arabia Eye Investments in Kurdistan

Economic ties to be opened between Riyadh and the semi autonomous region in Iraq

Date Added
Thu 26th Jul

Following a visit to Erbil, a Saudi delegation are planning to open economic ties with the KRG as a starting point for investments in Iraq.

Despite no agreements being signed, the KRG have offered 1,500 projects to Saudi investors across a number of industries including industry, tourism and agriculture.

The visiting delegation included Sami Bin Abdullah al-Obeidi, head of the Kingdom of Saudi Arabia’s Commerce Chamber, Abdulaziz al-Shammari, Saudi ambassador to Iraq, Faysal al-Oteibi, Saudi consul general to the Kurdistan Region along with other influential officials. Following th conference, Obeidi told journalists that "there are very important investment opportunities in the Kurdistan Region."

Other discussions included the potential for direct flights between the Kingdom and Kurdistan, the reopening of border crossings connecting the two countries as well as Saudi banks opening in both Iraq and the Kurdistan region.

Saudi Arabia pledged in excess of $1 billion in investment to Iraq at February's conference in Kuwait and this weeks successful meetings and presentations provide hope that the Kurdistan region will be considered for some of this investment allocation.